Nifty recovered nearly 100 points from day’s low; Banks and Realty sector stocks led the rally
Sectors like PSU Bank, Realty and PVT Bank outperformed the Nifty while IT and Pharma sector remained weak for the day.
Market update at 3.30 PM:
Nifty again closed around day’s high after profit booking of morning session. It closed nearly flat around 90 points or 0.51 per cent to close around 17,812 level.
S&P BSE Sensex also closed marginally higher around 38 points. Nifty Midcap 100 and Nifty Small cap 100 rallied 0.20 per cent and 0.29 per cent respectively.
Sectors like PSU Bank, Realty and PVT Bank outperformed the Nifty while IT and Pharma sector remained weak for the day.
IndusInd Bank, Eicher Motors and HDFC Life are the top gainers while Infosys and Tech Mahindra were the top losers amongst Nifty 50 stocks.
Indices witnessed strong recovery after profit booking and closed in positive for the 9th consecutive session.
Market update at 11.30 AM: Indices have been trading lower amid strong volatility on the weekly expiry day. NSE Nifty 50 index has slipped 0.34 per cent below 17,800 level while S&P BSE Sensex has dipped 250 points so far. Nifty Midcap and Nifty Smallcap index trade on a mixed note.
Nifty IT has seen strong selling pressure as it plummeted over 2 per cent post the TCS results. Meanwhile, Realty and Banks are supporting the market.
About 972 stocks are advancing as against 006 stocks that are declining, thus showing slight weakness in the market.
Apollo Hospitals, Eicher Motors and HDFC Life Insurance are the top gainers from the Nifty 50 stocks while Tech Mahindra, Infosys and HCL Technologies are weak today.
17,700 level for Nifty happens to be a major support level to watch out, while the stock specific action is expected to be the theme of the rest of the day.
6Market update at 9.30 AM: Indices have been trading on a flat note amid strong volatility. NSE Nifty 50 trades at 17,800 level while stock specific action is seen in the broader market.
Energy and FMCG stocks have seen good buying interest while IT stocks are under pressure today. TCS has slipped over 1 per cent post the quarterly results. India VIX is up half a per cent.
Pre-market update: US Inflation data came better than expected but markets edged lower after minutes from the Federal Reserve’s March policy meeting revealed that several members were concerned that the recent banking turmoil would cause a recession, which signals another interest rate hike in May. Thus, it witnessed panic profit booking from day’s high and the Dow Jones Industrial Average closed nearly flat around 38 points or 0.11 per cent at 33,646 level above last 4 days consolidation zone and Nasdaq 100 Index dropped 0.89 per cent to close. CBOE VIX rose around 1.33 per cent
In global commodities market, Gold closed 0.5 per cent higher and Silver rallied 1.6 per cent higher to close around days high.
Brent crude futures finally broke the consolidation and rallied 1.89 per cent.
In Wednesday's trading session, FIIs bought Rs 1907.95 crore and DIIs sold Rs 225.22 crore in equity segment.
In Derivative segment as compared to previous session, DIIs and Clients unwinded their longs and added shorts in index futures. While on the flip side FIIs continuously adding longs from last 8 consecutive sessions with covering their shorts. Because of this action FIIs index long positions now came to neutral zone around 34.67 per cent from oversold zone of 7.75 per cent.
Now SGX Nifty indicates Nifty is likely to open flat. 17,850 and 17,750 will be the trend deciding levels for the day.